Income tax: capital gains: what is the business exemption threshold for the 1999-2000 income year under section 118-260 of the Income Tax Assessment Act 1997?

Taxation Determination TD 1999/30 notified taxpayers of the business exemption threshold for the 1999-2000 income year, as required by subsection 118-260(3) of the Income Tax Assessment Act 1997 .

The business exemption threshold was relevant for the purposes of the goodwill exemption in section 118-250, which disregarded half of the capital gain attributable to the goodwill of a business.

The goodwill exemption ceased to apply in relation to CGT events that happened after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.

For these reasons, this Taxation Determination is no longer necessary.